The . Music era Charity” FINANCIAL STATEMENTS > FOR THE YEAR ENDED 30 JUNE 2022 > - Company Registration No 955930 > ~ Charity Commission No 259077 THE MUSIC THERAPY CHARITY (company registration number 955930) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED30 JUNE 2022 |®|REPORT OF THE BOARD OF GOVERNORG.
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....0.00...ccccccsccscsssssscsssescssssansseeessencssssesrssssesssssvecscvevsevens|9| Page[2] THE MUSIC THERAPY CHARITY (company registration number 955930) ## REPORT OF THE BOARD OF GOVERNORS FOR THE YEAR ENDED 30 JUNE 2022 1. The Charity is a company limited by guarantee; it has no issued share capital and is exempt for using Limited as part of its name. Every member in pursuance of clause 7 of the Memorandum of Association undertakesto contribute a sum not exceeding £1 in the event of the company being wound up whilst a member. 2. The objects for which the Charity is established are: - (a) to prevent, relieve and cure sickness and ill-health of every kind whether physical or mental by the use of arts, music therapy and colour therapy. - (b) to promote research into the use of arts, music therapy and colour therapy for the above purposes and to publish the results thereof; and in furtherance of these objects the Charity has powers, inter alia, to provide training for music therapists. The Governors have had regard to the Charity Commission’s guidance on public benefit and believe that these objects provide a public benefit. 3. The President throughoutthe year was Nicola Benedetti CBE and the Charity is most grateful for her support. - 4, At 30 June 2022, the Vice-Presidents were Sir Thomas Allen CBE, Simon Callow CBE, Richard Crewdson, Julius Drake, Roy Van Gelder, Dame Beryl Grey DBE, Brian Kay, John Lubbock OBE, Penny Neary, Baroness Nicholson of Winterbourne, Anne Skeggs, Benjamin Zander. 5. The Charity received in its unrestricted fund significant donations of £16,454 (£37,780 in 2021) including Gift Aid. The Charity’s annual fundraising event was held on 18 November 2021 at The Grosvenor Chapel and produced income and donations of £14,394 including gift aid. Investment income and bank deposit[interest] was[£10,457] (£10,524 in 2021). During the year the Charity[made] grants totalling £69,924 (£88,392 in 2021), further details are given in sections 7 and8, 6. The net incoming resources on the general account showeda loss of £49,277 (£49,260 loss in 2021). After adding[unrealised][losses of][ £8A40] (£28,240 gain in 2021) on investments,the net decrease in funds was £57,717 (£21,020 decrease in 2021). The total fund at 30 June 2022 was £275,952, compared with £333,669 a year[previously.] 7. Clinical Research Initiatives The Governors will continue to consider funding long-term doctoral academic research in conjunction with major initiatives as[they] arise. A PhD erantof £70424 was awarded to Nottingham University in 2019 and was paid overthree years in annual instalments: £24,000 on 01/10/19; £24,000 on 01/10/20; £22,424 on 01/10/21. Thetitle of this research project is “Development and evaluation of the Person Attuned Musical Interaction in Dementia Manual UK version (PAMI-UK)”. The response to the May 2021 Small Grants Call resulted in awards to Jane Brackley (£1,500), Children’s Hospice[South][West] (€1,500),[and][Lizz] Lipscombe (£1,500). The December 2021 Small Grants Call resulted in awardsto Joon Oh (£1,500) and Tara Roman (£1,500). 8. Grants totalling £40,000 were approvedto 60 postgraduate music therapy students at the following universities: |Anglia Ruskin|£4,000| |---|---| |Guildhall School of Music & Drama|£4,000| |Nordoff Robbins|£12,000| |Queen Margaret University|£4,000| |University ofDerby|£4,000 to bepaidin 2022/23| Page[3] THE MUSIC THERAPY CHARITY (company registration number 955930) University[of] Roehampton £4,000 University[of South][Wales] £4,000 University[of the][West of ] England £4,000 - The Governors have considered the risks to which the Charity might be subject and aresatisfied that systems are[in] place[to] mitigate[such][risks.] 10. At their meeting in June 2021, the Governors updated the Charity’s Reserves Policy in which the aim is to hold sufficient reserves to be able to finance the Charity’s usual grants and administrative expenses for a period[of ] one year (previously three years) if there were no incoming resources during that time. This policy[will be] reviewed at the Governors’ meeting in September/ October 2022. - 11, The Governors follow an Investment Policy which includesan asset allocation policy and investment objective. This Policy is kept under regular review. The target proportions of the portfolio to be invested in each asset class are: |e targe|t proportion|s of the p|ortfolio to|be invested in e|ach assetc|lassare:| |---|---|---|---|---|---|---| |Asset|Class|Ti||Minimum||Maximum| ||||60||50|80| |Fixed|Interest||15||0|30| |Cash|||25||10|35| The investment objective is to generate a high total return subject to an acceptable levelof risk. The performance of the[investment] portfolio (excluding cash) is measured against the following composite benchmark: FTSE All Share Index 80% ICE BoAML1-15 Gilt Index 10% ICE BoAML 1-15 Non-Gilt Index 10% The equity and fixed interest investments are achieved through holdings in the M&G Charifund and Charibond respectively. Investment performance for the year to 30 June 2022 was 0.4% (net of fees) which compares to[-0.4%][from][the] composite[benchmark.][After ] a strong recovery in markets in 2021, there has been a set back in 2022 as a result of the sharp increase in inflation and the war in Ukraine. Asa result, central banks around the world including the Bank of England have raised interest rates. This has led to underperformance from[fixed][income.] Both M&G funds have outperformed their benchmarks this year. The charity's focus on UK equities has also paid dividends this year with these considerably outperforming[other][markets] around the world. > Overthe last seven years, the investment portfolio (ex cash) has returned 4.6% per annum which compares to the composite benchmark of 4.8% per annum. 12. Toassist with forward planningthe charity's activities and to support any future grant bids, the Governors will approve a budget for 2022/23 and forecasts for 2023/24 and 2024/25 at their meeting in September/ October[2022.] 13. The Governors,[who] arealso the Directors, during the year were: Professor Michael Thorne CBE (Chairman) Professor Helen Odell-Miller OBE BA (Hons) MPhil PhD LGSM (MT) (Deputy Chairman) Mr Roger Swain (Treasurer) Lady[Caroline] Borg[ARCM] Professor Jan Cross Dr Rachel Darnley-Smith Mr Dominic Delaforce Mrs Pauline Etkin OBE DpPPEd PGDip (MT) - resigned 10/09/21 Mrs Angela Mary Harrison GRNCM PGDip (MT) - Mrs Grace Meadows Dr Kate Thomson MB BS MRCP DCH Mrs Susan E Waldman The Governors are appointed taking into account their relevant experience. Page[4] THE MUSIC THERAPY CHARITY (company registration number 955930) 14. Mark Taylor FCCA of Banks & Co, 1 Carnegie Road, Newbury, Berkshire RG14 5DJ is the Independent Examiner. 15. The report of the Board of Governors has been prepared in accordance with the provisionsof the Companies[Act][2006] relating to small companies. **----- Start of picture text -----**
ON BEHALF OF THE BOARD y
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Michael Thorne CHAIRMAN **----- Start of picture text -----**
26 Fitzroy Square, London W1T 6BT (ho ko. 2022
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Page[5] THE MUSIC THERAPY CHARITY (company registration number 955930) ## REPORT OF THE INDEPENDENT EXAMINER TO THE GOVERNORS > FOR THE YEAR ENDED30 JUNE 2022 Treport to[the] governors[who] are the Charity trustees on my examination of the accounts of the companyfor the year ended 30 June 2022 which are set out on pages7 to 11. ## Responsibilities and[basis] of report > Asthe charity governors of the company(andalso its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). > Having satisfied myself that the accounts of the companyare not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out undersection 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## Independent examiner's statement > I have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving mecause to believe that in any material respect: 1. accounting[records] werenot keptin respect of the companyas required by section 386 of the 2006 Act; or 2, the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that[the] accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. > I have no concerns and have come across no other matters in connection with the examination to which attention should be drawnin this report in order to enable a proper understandingof the accounts to be reached. **----- Start of picture text -----**
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RML Taylor FCCA On behalf of Banks & Co Chartered Certified Accountants > 1 Carnegie Road, Newbury,Berkshire, RG14 5DJ Ile te 2orr 2022 Page[6] THE MUSIC[THERAPY][CHARITY][(company][registration][number][955930)] INCOME[STATEMENT] FOR THE[YEAR][ENDED] 30[JUNE][2022] |INCOME STATEMENT
FOR THE YEAR ENDED30 JUNE 2022|||| |---|---|---|---| ||Notes|2022|2021| |INCOME AND
ENDOWMENTS FROM:|||| |Donations|2|16,454|37,780| |Charitable activities
Other income|2|14,394
1,631|6,669| |Investment income
Bank deposit interest
Other investment income||45
10,412|4
10,510| |Total incoming resources||42,936|54,973| |EXPENDITUREON:
Raising Funds
Charitable Activities
Grants to Music Therapists
Grants for Research Projects
Tony Wigram Travelling Fellowship
Other Sponsorship
Management costs
Secretarial
Accountancy
Website and Computer Training
Travel and Meeting Expenses
Other Management Cost
Governancecosts - Independent Review
Total resources expended
NET INCOME/(EXPENDITURE)
L||6,539
40,000
29,924
1,900
10,607
1,850
404.
269
720
n
RRNN
92,213
(49,277)
1,313
40,000
48,392
10,745
1,775
640
720
104,233
(49,260)|| |NET GAIN/(LOSS) ON INVESTMENT ASSETS
Net Gains/(Losses) on inv**e**stments during theyear||(8,440)|28,240| |NET MOVEMENT IN FUNDS||(67,717)|(21,020)| |RECONCILIATION OF FUNDS:|||| |Totalfunds brought forward||333,669
meer|354,689| |TOTAL FUNDS CARRIED FORWARD||275,952.
——|333,669| Page[7] ## THE MUSIC THERAPY CHARITY (company registration number 955930) > STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED30 JUNE 2022 |2021
2020| |---| |Notes
Total
Total| |funds
funds| |£| |FIXED ASSETS:| |Investments at Market Value
3
212,874.
241,314| |CURRENT ASSETS:| |Debtors
5
271
22,454| |Cash at bank and short term deposits
72,007
98,021| |72,278
120,475| |LIABILITIES| |Creditors: Amounts falling due within oneyear
6
(9,200)
(28,120)| |NET CURRENT ASSETS
63,078
92,355
TOTAL NET ASSETS
275,952
333,669
—————aa
aS
THE FUNDSOF THE CHARITY
Unrestricted fund
275,952
333,669
TOTAL CHARITY FUNDS
275,952
333,669
a
—————
For the year ended 30 June 2022, the Company wasentitled to exemption from audit under s.477 of Companies
Act 2006. The members have not required the company to obtain an auditof its accounts for the financial year in
accordance with s.476 of the Act. The directors acknowledge their responsibilities:
(a)
ensuring that the company keeps accounting records which comply with s.386 of the CompaniesAct
2006, and
(b) preparing accounts which give atrue and fair view ofthestate ofaffairs of the company,asat endofthe
financial year, andofits profit or loss for the financial year in accordance with the requirements
ofs.394
and s.395 of the Companies Act 2006, and which otherwise comply with the requirements ofthat Act
relating to accounts, so far as applicable tothe company.
These Accounts have been preparedin accordance with the provisions applicable to Companies subject to the
small companies regime.| |Thefinancial statements were approved by the Board of Governors on..\?~..:..\9._.-2022 and were signed
onits| |behalf by:
WW(Ap~A| Michael Thorne - Chairman Roger[Swain][-] Treasurer Page[8] THE MUSIC THERAPY CHARITY (company registration number 955930) ## NOTES TO THE FINANCIAL STATEMENTS > FOR THE YEAR ENDED30 JUNE 2022 ## 1. ACCOUNTING POLICIES Accounting convention The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared on a going concern[basis] under the historical cost convention and in accordance the Charity’s deeds, the Charities Act 2011 and the provisions of the Statement of Recommended Practice (GORP) “Accounting and Reporting by[Charities”] (FRS 102). ## Incoming resources > All incoming resources are included on the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. ## Expenditure Recognition Liabilities are recognised as expenditure as soon asthereis a legal or constructive obligation committing the Charity to that expenditure,it is probable that settlement will be required and the amountof the obligation can[be] measured reliably. Expenditure[is][accounted][for] on an[accruals] basis and has been classified under headings that aggregate all costs related to the category. Where costs cannotbe directly attributed to particular headings they havebeenallocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been metat the year end date are noted as commitments but not accrued as expenditure. ## Employees The Charity does not employ any staff and its Governors are volunteers. ## Debtors and creditors receivable / payable within one year Debtors and creditors receivable or payable within one year are recorded at transaction price. ## Investment Policy The investment objective is to generate a high total return subject to an acceptable level of risk. Further details are given in the Governors’ report. ## Taxation The companyis a charity for the purpose of Section 505 of the Income and Corporation Taxes Act 1988 and as such is exempt from tax on its charitable activities. ## Fund accounting > Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. The Charity does not have any restricted funds. ## 2. DONATIONS AND CHARITABLE ACTIVITIES Gift aid received and receivable included in Donations is £137 (2021: £2,009); Charitable activities £932 (2021: £nil) and donations for Ecards £nil (2021: £118). Page[9] THE MUSIC THERAPY CHARITY (company registration number 955930) |3|LISTED INVESTMENTS|||| |---|---|---|---|---| |||Charifund|Charibond|Total| |||£|£|£| ||COST|||| ||At 1 July 2021|137,993|42,986|180,979| ||Disposal during the year|(11,656)|-|(11,656)| ||At 30 June 2022|126,337|42,986|169,323| ||REVALUATION|||| ||At 1 July 2021|59,553|782|60,335| ||Disposals during the year|(8,344)|-|(8,344)| ||Increase/(decrease) in value during the year|(4,957)|(G,A83)|(8,440)| ||At 30June 2022|46,252|(2,701)|43,551| ||MARKET VALUE|||| ||At 30 June 2022|172,589|40,285|212,874| ||At 30 June 2021|197,546|43,768|241,314| During[the] year[the] Charity[sold][1,275.835] units[in][its][Charifund] Holdings[for] £20,000 (2021: 4,731.546 units were sold for £57,000). No units were acquired in 2022 (2021: nil). > 4 On the 8 September 2011 the Charity, along with other charities, became a Registered Member ofthe £1 Ordinary[Guarantee][class][of][Members][in The] Dudgeon[Estate] Nominee Company Ltd, which controls the activities of the agent who supervises the distribution of any further musical royalties arising from the estates of Gus and Sheila Dudgeon.In view of the difficulty of valuation, no value has been attributed to this holding in the balance sheet of the Charity. Roger Swain, a Governor of The Music Therapy Charity, was appointed[director][of The] Dudgeon Estate Nominee Company on 24 November 2021. ||Therapy Charity, was appointed director of The Dudgeon Estate Nomin
2021.|ee Company on2|4 November| |---|---|---|---| |||2022|2021| |||£|£| |5|DEBTORS||| ||Incometax recoverable|33|30| ||Other Debtors|238|-| ||Prepayments|-|22,424| |||271|22,454| |6|CREDITORS: AMOUNTSFALLING DUE WITHIN ONE YEAR||| ||Trade Creditors|4,000|300| ||Other creditors|5,200|5,396| ||Grant due to Nottingham University|-|22,424| |||9,200|28,120| Page[10] THE MUSIC THERAPY CHARITY (company registration number 955930) The Charity committed £70,424 to Nottingham University, to fund a long-term doctoral research project titled “Development and Evaluation of the Person Attuned Musical Interaction in Dementia Manual UK Version (PAI-UK). As at 30 June 2022 the grant was fully paid (2021; £22,424 remained outstanding). ## CONTINGENT LIABILITIES There were no contingent liabilities at 30 June 2022 (2021: nil) ## GOVERNORS’ REMUNERATION AND BENEFITS No governors’ remuneration or other benefits were paid for the year ended 30 June 2022 (2021: nil). ## Governors’ expenses Except[for] reimbursements madein respect of expenditure incurred on behalf of the Charity no payments were made to[members] of the governors. Since the Covid-19 pandemic meetings have been held virtually so no expenses were incurred for travel or other expenses in respect of the governors (2021: nil). There are no employees who received total employee benefits, excluding pension costs, of more than £60,000. ## RELATED PARTY DISCLOSURE There are no related party transactions. ## 10 ULTIMATE CONTROLLING PARTY The governors are considered to be the ultimate controlling party of the Charity by virtue oftheir ability to act in concertin relation to the operational and financial policies of the Charity. ## 11 COMPANY DETAILS > The company is registered in England, number 955930, and is registered with the Charity Commission, number 259077. Its registered office is 26 Fitzroy Square, London WIT 6BT. Page[11]